CITIZENS BANK Failed 1989

GALVESTON, TX · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

CITIZENS BANK of GALVESTON, TX was closed on 1989-10-12. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to BANK OF GALVESTON, NATIONAL (GALVESTON, TX). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
2524
FDIC Certificate
18876
FDIC FIN
4101
Bank name
CITIZENS BANK
Location
GALVESTON, TX
Failure date
1989-10-12
FDIC resolution date
1989-10-12
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$5M
Deposits at failure
$32M
Assets at failure
$31M
Acquiring bank
BANK OF GALVESTON, NATIONAL (GALVESTON, TX)